DETROIT, April 4 (UPI) -- The bailed-out U.S. car-financing firm GMAC says it paid out fewer executive bonuses in the fourth quarter than in earlier periods.
The reduction in so-called retention bonuses reflects how the provisions of the U.S. Treasury's Troubled Asset Relief Program is working to curb executive bonuses, The Detroit Free Press reported Saturday.
GMAC Financial Services was converted into a bank holding company last year to accept $5 billion under TARP, and in that time, bonuses fell from $28 million in third quarter of 2008 to $10 million in the year-ending quarter, the newspaper said.
CEO Al de Molina, who received $4.64 million in the third quarter to make up for the loss of value of his pension plan, received nothing in the fourth quarter, filing documents showed.
The company, in which General Motors is a minority owner, said earlier this week it would devote $5 billion to consumer auto loans in next two months, easing wholesale financing charges for dealers in a bid to improve slumping sales, The Wall Street Journal said.
